How to Build an Excellent Team in Real Estate

How to Build an Excellent Team in Real Estate
How to Build an Excellent Team in Real Estate. Photo by RODNAE Productions from Pexels.

Your business is probably at a point where you feel that you should bring together a real estate team to attain higher levels of success. Creating a real estate team can be an exciting ambition, but it does not just happen. You have to surmount many hurdles to assemble a successful real estate team. 

You should start by evaluating your needs, look for the right support staff, and refine business and communication practices for long-term success. 

Creating an Awesome Real Estate Team

1. Identify your Conversion Ratio

Before you bring other people into your business, start by developing systems for yourself. You can do this by knowing the number of leads you generate and the number of deals you close. If you don’t have many leads, you will have to pay your agents more if they need to generate leads by themselves.

One way to generate leads is through Facebook lead generation ads. These are like regular ads, which pop up in your target’s timeline. However, rather than direct people to a landing page, the ads integrate an easy-to-fill form without exiting the platform. 

Studies have shown that you can achieve more success with Facebook ads by having fewer steps to complete in the form.

2. Hire the Right People

No matter how profound your vision for your real estate business is, you need the right people to help you succeed. The following roles are essential to an awesome real estate team.

Real Estate Administrator

An administrator in a real estate firm oversees daily operations in the office. They have to interact with tenants and cooperate with property managers to ensure that each property is as per client expectations.

The duties of a real estate administrator include clerical work and tracking essential documentation for property managers and real estate agents. This means that an administrator must possess excellent organizational and communication skills to succeed.

Real Estate Transaction Coordinator

The work of a transaction coordinator is to coordinate with the other parties associated with unresolved real estate transactions and sometimes set up new listings. They endeavor to keep the process organized, streamlined, and on schedule to beat the closing date.

Many real estate agents are aware of what entails closing a successful deal. There are many tasks that the transaction coordinator is expected to handle. A transaction coordinator has the following duties:

• Schedule, plan, and coordinate all property inspections

• Create MLS listings

• Liaise with the seller to make the property accessible for inspection

• Open escrow when the property is under contract

• Work on business additions for repairs and timely completion of the repairs

• Provide regular updates to all involved parties

• Observe the contingency periods to guarantee contractual compliance

• Ensure timely completion and submission of essential documents

• Oversee the closing process

• Obtain client online reviews and testimonials

• Ask for prospective referrals

Real Estate Marketing Coordinator

The role of a real estate marketing coordinator is to manage the marketing efforts of a real estate agents team to advance their online presence. Other duties include:

• Writing copy for social media and the web.

• Creating digital marketing content.

• Interpreting online marketing analytics

When hiring a real estate marketing coordinator, ensure they possess a bachelor’s degree in marketing and have experience in brand marketing, website management, and social media management. They should also be proficient in online software applications and have strong writing skills.

Virtual Real Estate Inside Sales Agents

The work of an Inside Sales Agent (ISA) is to help convert leads to appointments. ISAs use various forms of communication, with the three most common being:

1. Email. Most B2B businesses still use email marketing to generate new prospects and convert leads. However, it can be difficult for realtors to work directly with consumers.

2. Voice Calls. Although most agents would love to make phone calls to ensure lead conversions, the reality is that there is a reduction in answer rates. This makes even the most enthusiastic dialers opt for SMS/Text.

3. SMS/Text. Text messaging has become the lead conversion’s Gold Standard. This has been necessitated by a rise in robocalls and a continued decline in open email rates.

Most real estate teams have begun to leverage Inside Sales Agents as a strategy to deal with the Real Estate Roller Coaster. The ISA are conventional full-time employees who need office space, a software subscription, and hardware. 

But most importantly, they need management and leadership to motivate and train them. Therefore, you need to schedule a time to recruit, meet, employ, train, and hold on to a talented ISA.

Real Estate Showing Assistant

The role of a real estate showing assistant is to provide tours of a listed property to potential buyers. 

Other responsibilities include setting an appointment with every interested buyer and giving each of them a detailed outline of the property’s appealing features, the potential for value increase, and the potential for refurbishment or repairs. 

The showing assistant work under the supervision of a senior agent representing the home seller or buyer.

3. Develop a Strong Team Culture

The culture you develop sets acceptable standards of behavior and norms for your real estate business. You will attract high performers for both clients and team members if you initiate high standards. Team culture also plays a significant role in your team’s accountability and response to feedback. A team culture that values high standards makes lower performers exit the business voluntarily to look for a culture that suits them.

Cultural planning can include some or all of the following activities:

• Developing a team vision

• Formulating a statement of your business values

• Developing a mission statement

• Providing practical sessions to provide your team with essential tools

• Plan and implement team building sessions to create team cohesion

• Allow employees to offer feedback and ideas

4. Plan Fun Client Events

Client appreciation parties and events are an excellent way to nurture relationships and generate business with clients. Plan and advertise your event weeks or months in advance with safety measures to ensure that people show up and have fun.

Illustrate to your customers that you appreciate their business and referrals. You should have two to four client events and appreciation parties per year. When you make it a routine, you will obtain better hosting ideas, and your clients will always look forward to attending your events.

Some fun client events include:

• Buyer and brew events

• Sporting events, such as football happy hour

• Themed holidays, such as breakfast with Santa

• Virtual events, such as a virtual cocktail hour

• Social distancing events, such as movie screen rental

Conclusion

When you create a real estate team, you create more revenue or buy more time. But, you cannot have both. The objective of hiring buyer’s agents is to generate more leads and do more prospecting, not reduce their work. 

If you are satisfied with your earnings and want to have more time, you will have to sacrifice your team’s revenue. Due to this, assess what you want from your team and what you want your real estate firm to achieve in the future.